UPDATED: Mar 26, 2020
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The thought of getting life insurance doesn’t appeal to everyone. Many people view it as yet another expense to bear. According to the 2014 Life Insurance Barometer Study by Life Happens and LIMRA, 63 percent of people without life insurance don’t have it because they believe it’s too expensive. Fifty-nine percent haven’t purchased life insurance because they have other financial priorities.
But only 10 percent think they don’t need life insurance. That leaves an awful lot of people who believe they do need it without the peace of mind of knowing that if they met an untimely death, their families would be secure financially.
Not All Life Insurance is Unaffordable
If the cost of life insurance has deterred you from getting a policy, consider researching term life insurance options. Term life is the most basic and affordable type of life insurance out there. Compared to permanent varieties of life insurance, term life enables you to purchase the greatest amount of coverage for the lowest premium.
Unlike permanent life insurance policies (whole and universal), term life policies cover you for a specific period of time (a term). If you were to die before the term of your policy expired, your beneficiaries would receive a payout. Typical term lengths are 10, 15, 20, 25, and 30 years. The shorter the term, the lower your premium.
Term Life Can Give Your Family Less to Worry About
During what would be an extremely difficult time emotionally, a term life policy could help alleviate some of the financial hardship your family might face if you were no longer there to help provide for them.
A death benefit from a term life policy could help your loved ones pay for one-time and recurring expenses such as:
- Your funeral costs.
- Rent or mortgage payments.
- Automobile loan payments.
- Utility bills.
- Your children’s education.
And term life could also help cover your spouse’s lost wages when missing work during the grieving period.
None of what I mentioned are luxuries; they’re necessities that, if not addressed in advance, can add up and put a strain on your family’s financial well-being.
If you’re concerned that your loved ones might struggle to make ends meet if you weren’t around, consider finding out more about the peace of mind term life insurance can provide. You can easily and quickly get an initial assessment of how much coverage your family might need via this online life insurance needs calculator. And you can find out how affordable term life can be by getting a no-obligation quote online.